The Credit Market and its Catagories
Typically, there are two categories of credit: Prime and Sub-Prime.
Prime Credit is simply a person with "good credit". This does not however mean "perfect credit". Prime credit and car loans that acheive prime rate, are the result of several factors. Some of these factors are as follows: Ratio of loans vs income, history of payments, number of loans and credit cards, amount financed vs downpayment, equity in security etc... Many of our customers qualify for "prime rate loans" even though they don't expect to. In general, people with good credit history usually enjoy preferred rates when applying for vehicle financing.
Sub-Prime is a person who has experienced some challenges in their payment histories. An adverse credit history can also be referred to as “non-status credit history”, “impaired credit history”, ‘poor credit history”, and “bad credit history”. Simply stated, this is a negative credit rating and banks charge an interest rate that is directly related to a person credit history. (See Financing and Credit Apps for more info)
We deal with all of the following situations on an hourly basis: Great Credit, Good Credit, Bad Credit and No Credit.
We get loans approved in all of the following circumstances: Late Payment, Missed Payments, Self-Employed, Bankruptcy (Discharge or not), Collections, Divorced, Low Income, Disability, Write-offs, Students, New to country, Repossession, Paid in cash or tips, Visa Students, First time buyer etc, etc…
The Credit Market and its Catagories
Typically, there are two categories of credit: Prime and Sub-Prime.
Prime Credit is simply a person with "good credit". This does not however mean "perfect credit". Prime credit and car loans that acheive prime rate, are the result of several factors. Some of these factors are as follows: Ratio of loans vs income, history of payments, number of loans and credit cards, amount financed vs downpayment, equity in security etc... Many of our customers qualify for "prime rate loans" even though they don't expect to. In general, people with good credit history usually enjoy preferred rates when applying for vehicle financing.
Sub-Prime is a person who has experienced some challenges in their payment histories. An adverse credit history can also be referred to as “non-status credit history”, “impaired credit history”, ‘poor credit history”, and “bad credit history”. Simply stated, this is a negative credit rating and banks charge an interest rate that is directly related to a person credit history. (See Financing and Credit Apps for more info)
We deal with all of the following situations on an hourly basis: Great Credit, Good Credit, Bad Credit and No Credit.
We get loans approved in all of the following circumstances: Late Payment, Missed Payments, Self-Employed, Bankruptcy (Discharge or not), Collections, Divorced, Low Income, Disability, Write-offs, Students, New to country, Repossession, Paid in cash or tips, Visa Students, First time buyer etc, etc…